Subhash vs. The ITO

Parties Involved

Facts Summary

The assessee Subhash filed an appeal against the order of the Ld. CIT(A)/NFAC, Delhi dated 21/02/2024 pertaining to Assessment Year 2007-08. The appeal was regarding the non-grant of deduction under Section 54B of the Act. The assessment was completed under section 144 r.w.s 147 of the Act vide order dt. 27/02/2015, wherein the AO brought to tax the sale consideration of the land sold at Village Kheri Rangran. The assessee moved an application under section 46A of the Act and the Ld. CIT(A) allowed the deduction under section 54F amounting to Rs. 28,75,000/- but did not allow the deduction under section 54B. The AO in the remand report has stated that the assessee is entitled to get deduction under section 54B of the Act to the extent of 1/3rd share amounting to Rs. 6,57,200/- as another agriculture land was purchased by the assessee within the stipulated period.…

Legal Issues

• 1. Non-grant of deduction under section 54B of the Act

Judgment Outcome

Decided in favour of Assessee.

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